Building a Vertical Integrator is really hard. 

1. >2 companies at once
2. Hardware is really hard
3. Incumbents are not dumb
4. The right level of integration is not obvious
5. Can’t pivot nearly as easily
6. Something better might come along
7. Takes money to make money

Vertical integration in the crypto space is indeed challenging due to multiple factors like competition, technological complexity, and financial requirements. It's crucial to carefully consider these aspects to succeed in building a vertically integrated ecosystem.